Core Viewpoint - After announcing plans for privatization and delisting, a major change in leadership has occurred at the state-owned developer, Wulian Real Estate [2][3]. Group 1: Leadership Changes - He Jianbo has resigned from his positions as executive director, chairman of the board, and various committee roles due to personnel rotation and succession planning by China Minmetals Corporation [2]. - Dai Pengyu, the executive director and managing director, has been appointed as the acting chairman of the board until a new chairman is officially appointed [2]. - He Jianbo has confirmed that there are no disagreements with the board and is aware of matters that need to be communicated to shareholders [2]. Group 2: Company Performance - During He Jianbo's tenure, Wulian Real Estate experienced rapid expansion, achieving sales of 19.36 billion yuan in 2020, a year-on-year increase of 124%, and further increasing to 26 billion yuan in 2021 [3]. - However, due to industry adjustments, sales have contracted significantly, with projected sales of 7.02 billion yuan in 2024 [3]. - The company reported a revenue of 9.883 billion HKD in 2024, a year-on-year decline of 21.8%, with a net loss of 3.748 billion HKD [3]. - In the first half of the current year, Wulian Real Estate generated a revenue of 1.976 billion HKD, with a net loss of 580 million HKD [3]. Group 3: Privatization Plans - On October 23, Wulian Real Estate announced plans for privatization and intends to apply for the cancellation of its listing on the stock exchange, with a proposed share cancellation price of 1 HKD per share [3]. - If the privatization is successful, there may be potential integration and restructuring with another real estate brand under China Minmetals, "China Metallurgical Group" [3]. Group 4: Industry Insights - He Jianbo has publicly stated that the main task for the real estate sector is to "reduce inventory," with the primary contradiction being "supply-demand imbalance" [4]. - Despite government measures to stimulate consumption, the industry is expected to gradually transition into an era focused on existing housing stock, necessitating transformation and change among real estate companies [4]. - Future strategies for real estate firms should extend beyond merely building and selling properties, focusing instead on developing a comprehensive industrial system based on their core competencies [4].
五矿地产董事长换人，公司刚完成私有化退市